Galileo Platforms, a blockchain platform, has recently launched a blockchain insurance platform. This launch is made possible with Singlife Philippines and GCash which is the largest e-wallet in the Philippines. It is believed that the partnership will help Singlife to reach the large and untapped insurance market.
With the help of a new blockchain insurance platform, affordable insurance will be made available to the most uninsured region. This step is taken by the Galileo Platform due to the rising demand for health insurance in the region due to the COVID-19 pandemic.
Galileo Platforms and Singlife Provide Flexible Insurance And Low-Cost Platforms
Rien Hermans, President and CEO of Singlife Philippines, has said that his firm is extremely excited about its partnership with Galileo Platforms. This will be highly efficient and important for the under-insured market in the Philippines.
Galileo Platform is very well known for scaling and offering easy low-cost solutions and it will be providing flexible insurance products as well. The blockchain insurance platform will help the insurers to directly connect with the customers as well as the distributors. Along with this, it will also eliminate the problem of data duplication from the picture. Mark Wales, CEO at Galileo Platforms, has said,
“Our low-cost high-efficiency technology enables the whole life-cycle of insurance transactions to be completed at scale, without touching human hands.”
Technology Reduces Cost, Complexity, and Errors
Although, it is mentioned that Galileo Platforms provides all kinds of retaining the insurance and it reduces the cost, complexity, and errors from it. However, the main aim of the firm is to make insurance widely available for all the under-insured regions across Asia. The technology of the firm works really great to make insurance accessible and affordable at the same time. This is the reason to believe that the new platform in collaboration with Singlife Philippines is going to be a great success.